Despite stagnating wages and vast income inequality, JPMorgan Chase CEO Jamie Dimon said technological advancements in cars and cellphones mean the American people are doing okay financially, an out-of-touch sentiment.

“It’s not right to say we’re worse off,” said Dimon on Thursday. “If you go back 20 years ago, cars were worse, health was worse, you didn’t live as long, the air was worse. People didn’t have iPhones.” He also said paying CEOs less money wouldn’t do anything to help income inequality.